Toronto, Ontario — This week, we look at Rivian’s performance following Tesla’s Cybertruck rollout. Plus, DesRosiers celebrates a stellar month for new vehicle sales in Canada.
Battle of the pickups
Some analysts believe Rivian is poised to gain from Tesla’s Cybertruck launch and rollout.
One analyst, managing partner of the Future Fund (and Tesla investor) Gary Black, believes that Tesla’s delayed rollout of the Cybertruck and associated long waiting periods could force interested consumers to look to competitors in the market as an alternative. Namely, Rivian’s R1T electric pickup, claims Black.
He further bolstered his point by suggesting that many consumers will prefer the R1T’s “more traditional” and familiar design instead of the sharp, futuristic lines of Tesla’s Cybertruck.
In the week following the Cybertruck’s official launch party, shares of Rivian soared more than 14 percent. From Nov. 30 through Dec. 11, Rivian shares were up 13 percent.
As of Monday at 11 a.m., ET, shares of Rivian traded at US$18.97 per share, down 0.34 percent from market open.
November was a big month for new Canadian car sales, according to DesRosiers Automotive Consultants (DAC). The firm says sales grew 20.7 percent to an estimated 138,747 units, and total new car sales in 2023 have already surpassed total levels for 2022.
November also marked the 13th consecutive month of growth in new vehicle sales, said DAC.
By the end of Nov., DAC says total new vehicle sales for 2023 had already surpassed last year’s total sales—an approximate 1.49 million units, total.